We Make ACA Reporting Easy
The Affordable Care Act (ACA) offers specific tax provisions that apply only to small employers, typically those with fewer than 50 full-time employees, including full-time equivalent employees. Benefits include being able to purchase insurance through the Small Business Health Options Program (SHOP), and eligibility for the Small Business Health Care Tax Credit if you can cover at least 50 percent of your full-time employees.
All this comes with the need to file timely and accurate reports to the IRS.
Reports you may need to file:
- You must withhold and report an additional 0.9 percent on employee wages or compensation that exceeds $200,000.
- You may be required to report the value of the health insurance coverage you provided to each employee on his or her Form W-2.
- If you provide self-insured health coverage to your employees, you must file an annual return reporting certain information for each employee you cover.
For more details, visit IRS ACA provisions.
Corporate Payroll Services has you covered for compliance with the ACA.
The level of difficulty in achieving compliance varies greatly depending on the employer’s business. For employers with only a few eligible workers, compliance is relatively quick and simple. However, those with a large workforce and high employee turnover may encounter significant challenges. Additional complexities can arise in special circumstances, such as mergers and acquisitions, making compliance even more burdensome. The most common compliance problem is employee misclassification, which we specialize in helping with.
Regardless of your specific circumstances, our in-house tax department is committed to keeping you informed and providing general information about reporting requirements. Through updates passed to you as soon as they’re released to the public, we can help you maneuver the complex aspects of the ACA with reports and forms that will make your life easier.
